Glenmark Pharmaceuticals

“So we'll continue to see upward margin trajectory, and what we guided earlier is that in terms of a percentage improvement on a year-on-year basis, that's what we are targeting on the margin front.”

“On a like-for-like basis, the India formulation business recorded Y-o-Y growth of close to 14% in the second quarter and close to 15% in the first half of FY 2027.”

“In terms of our GCC business, primary sales for the Glenmark Consumer Care business in Q2 FY 2027 were INR1,252 million with a Y-o-Y growth of 46.5%.”

“Net of the deferred out-licensing income recognition for ISB 2001, the core business Y-o-Y growth for the North America region was around 31% in Q2 and around 25% in the first half of FY 2027.”

“Glenmark Europe operations revenue for Q2 FY 2027 was INR7,920 million as against INR7,460 million, recording a growth of 6.2%.”

“We expect branded respiratory and branded dermatology to keep contributing higher in Europe as we move forward.”

“Glenmark's India formulation business recorded a growth of 16.7% in the second quarter and 15.7% as per MAT September 2026 data, compared to the IPM growth of 13.8% in Q2 and 12.1% in MAT September.”

“We saw strong momentum across several Western European markets, being partly offset by softer demand in parts of the CEE.”

“It is about $3.5 billion, right? In terms of entire steroidal nasal spray market.”

“The MEA business also remained resilient amidst the geopolitical and supply chain uncertainty, with key countries outperforming several covered markets.”

“R&D expenses for the quarter were INR344.9 crores, of which IGI R&D was around INR187 crores.”

“Of course, the margin profile also on these oncology drugs are much higher than the regular margin profile. That should help from FY 2028 in terms of the overall margin profile.”

“I think a bulk of it is done, but there will obviously be ongoing investments, right, as we go forward in the subsequent years.”

“Basically, we have almost added almost 1,100 people across the India and emerging market at oncology franchise.”

“If you remove that IGI and innovation part of our business, this still did a 21% margin.”

“The company continues to maintain a net cash position of INR424 crores as on September 2026.”

“The increase in gross debt reflects the funding of certain strategic field force expansion in various markets and the multiple legal settlement payments which were front-loaded in the H1.”

“Second is that the legal settlement which we took in the P&L earlier, those payments were there, and those were largely loaded in the H1. So almost INR520 crores of those payments were there.”

“Yes, 867, 866.5 was the gross debt in this September, and 1,290 was the cash in the quarter. That's how it gives the 424 crores of net cash.”

“IGI clearly is well-funded, right? First of all, they have capital sitting till FY 2028 and beyond, right?”

“During the quarter, Glenmark launched four products across multiple channels.”

“Glenmark has strengthened its respiratory franchise with the launch of fluticasone propionate inhalation aerosol, the 44 mcg, which is a generic to Flovent. Glenmark was granted a CGT designation and received 180 days exclusivity upon commercialization.”

“We have also filed additional ANDAs for differentiated respiratory products, including Fluticasone Flovent 110, a generic to Flovent 110, as well as for generic to ipratropium inhalation MDI.”

“The product is now commercialized in 58 markets, and further, we are expecting RYALTRIS to be launched in additional 10 markets over the next few quarters.”

“We received our first regulatory approval in the Dominican Republic in September, and we have also initiated early access for new patient programs in nine other markets.”

“The full amount of the payments of the settlement agreements have been provided in the company financials.”

“Adjusting for the exceptional item, our adjusted PAT stood at INR485 crores, with PAT margin of 11.4% for the quarter.”

“With a view to resolve this dispute and avoid uncertainty, Glenmark USA has agreed to enter into a settlement with Humana for a total amount of $15.3 million, including interest payable in two installments.”

“I think most of our big cases have been settled, right? Now, going forward, we anticipate there will be some possible small amounts which will go out as we go forward.”

“This is despite the cost pressure across the value chain due to the various geopolitical volatility.”

“On a like-for-like basis, Glenmark's consolidated revenue in Q2 FY 2027 recorded Y-o-Y growth of close to 20%.”

“Glenmark India business is ranked 13th with a market share of 2.4% as per IQVIA MAT September 2026.”

“Our injectable facility received EIR from the U.S. FDA with an EIR classification, and subsequently, we relaunched fulvestrant injection out of the Monroe facility in Q1 FY 2027.”

“During the second quarter, our Goa plant also received EIR from the US FDA with an EIR classification.”

“To date, more than 170 subjects have been dosed in the TRIgnite phase I study, 42 in dose escalation and more than 130 in dose expansion.”